Some elasticity of demand will occur for any enterprise selling products to consumers on a global scale. As costs of production are reduced, Apple will pass along savings to consumers while maintaining attractive gross margin. This allows for some pick-up in additional revenue activity and allows for some expansion of the number of eco-system participants.

Gross margin rose YOY in FY2014 and I expect gross margin to at least remain firm in FY2015 while the company adds tens of billions of dollars in new revenue to an already massive revenue base. I don't think there's another enterprise on the planet that's able to maintain pricing control, high gross margin and add tens of billions in additional revenue in one fiscal year.

The EU tax investigation will most likely not result in any fines of levies against Apple and the question of whether or not the company is receiving any inappropriate tax treatments is an issue in dispute.

While the issue is grabbing headlines, the outcome of any changes are apt to be minor if any changes are made at all.

Apple also imputes and declares a US tax liability on all foreign-sourced earnings. Apple's reported tax liability last quarter was 26.10%. The declared US taxes on foreign-sourced earnings remain unpaid until the funds are repatriated. Foreign taxes paid on foreign-sourced earnings are a credit against the US tax liability.

The US has among the highest corporate tax levies in the world. Even if there is a change in the EU tax levies, it many not have a big impact on Apple's reported tax expense. It would reduce the US tax liability although it might increase the dollars in taxes paid each quarter prior to repatriation to the US.

Google is a provider of services and releasing a no-cost operating system was a means of expanding the market for the company's services. As of now, it doesn't appear to be working out quite as planned.

As Apple’s manufacturing processes become more fully automated, it becomes more feasible to bring manufacturing back to the United States.

I remember Tim Cook talking on this topic and mentioning one of the factors that has made manufacturing in Asia attractive is the close proximity of component manufacturing plants to Apple’s contracted manufacturing facilities.

The Mac Pro is being manufactured in the United States and there may be more opportunities for additional Apple manufacturing activity in the United States in the future.

This is not necessarily an issue of wages or wage costs but an issue of manufacturing efficiency. Any and all manufacturing jobs Apple can bring back to the Unites States is a benefit to our economy.

As it is, Apple’s massive build out of data centers in North Carolina, Nevada and Oregon have created an economic boon for those local community while boosting the American solar power industry. Apple has put in place the largest privately-owned solar array in the United States.

Thank you for your comments. While anything is possible, reaching $150 per share would add about $300 billion to the company's market cap. At this time, I don't see that as a probable outcome over the next 12 months.

I do expect Apple to post impressive net income gains that will be amplified by the ongoing $90 billion share repurchase program to deliver very strong earnings per share results.

In addition to Apple's performance, the share price is influenced by overall market conditions. It's possible the share price will rise appreciably over the next 12 months while the earnings multiple contracts.

At this time, $150 per share would be an aggressive 12-month price target or expectation.

I view net income growth as the primary driver of Apple's share price appreciation and I would be quite satisfied with a rate of share price appreciation close to the rate of organic net income growth.

Over the next twelve months Apple will deliver strong net income growth amplified by the ongoing $90 billion share repurchase program. It's quite possible for Apple to deliver attractive share price appreciation even with some contraction in the earnings multiple.

For long-term investors Apple offers the combination of rising net income, an ongoing share repurchase program to further boost earnings per share and a rising dividend.